Autonomous Marine Vehicles Market Growth Rate To Reach 17% With The Adoption Of Artificial Intelligence

July 24, 2022 GENERAL

LONDON, GREATER LONDON, UK, July 20, 2022 / — The use of artificial intelligence (AI) in the autonomous marine vehicles market is a key trend gaining popularity. Artificial intelligence is intelligence demonstrated by machines, which makes them think independently and take decisions themselves. AI is used in both manned and unmanned marine vehicles to enhance the safety and control of vessels. AI technology helps automate and optimize speed, immediate-course, and whole-voyage-routing for fuel-efficiency; ultimately, cost-saving for vessel owners and fleet managers. It also helps provide real-time weather, current data, an automatic identification system (AIS), and sensor data paired with computer vision and modeling that helps set direction decisions and may help recognize whether to avoid or pursue any obstacle in the underwater environment.

The global autonomous marine vehicles market size is expected to grow from $1.99 billion in 2021 to $4.15 billion in 2026 at a rate of 15.8%. The autonomous marine vehicles market share is then expected to grow at a CAGR of 16.8% from 2026 and reach $9.02 billion in 2031.

Read more on the Global Autonomous Marine Vehicles Market Report

Major players covered in the global autonomous marine vehicles industry are General Dynamics (Bluefin Robotics), L3Harris Technologies, Inc., Kongsberg, BAE Systems, Saab AB.

The growing focus towards unmanned platforms is expected to boost the autonomous marine vehicles market growth during the forecast period. Unmanned platforms are used by the military, designed to accomplish specific tasks, such as identifying and neutralizing potential underwater threats, through location awareness, positional information, and target guidance such as positioning beacons and tracking systems. For instance, in 2021, the Navy and the Marine Corps published the Unmanned Campaign Framework to guide investments in and integration of unmanned platforms in the United States by adding air, surface and subsurface unmanned platforms to operate in all domains alongside manned systems. According to the autonomous marine vehicles market forecast, the increasing focus on unmanned platforms and equipment in defense is expected to act as a driver for the market during the period.

Asia Pacific was the largest region in the global autonomous marine vehicles market, accounting for 42.9% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the global autonomous marine vehicles market will be Africa and Middle East where growth will be at CAGRs of 20.4% and 19.0% respectively.

TBRC’s autonomous marine vehicles market report is segmented by type into surface vehicle, underwater vehicle, by application into military and defense, archeological, exploration, oil and gas, environmental protection and monitoring, search and salvage operations, oceanography, by technology into imaging, navigation, communication, collision avoidance, propulsion.

Autonomous Marine Vehicles Market 2022 – By Type (Surface Vehicle, Underwater Vehicle), By Application (Military And Defense, Archeological, Exploration, Oil And Gas, Environmental Protection And Monitoring, Search And Salvage Operations, Oceanography), By Technology (Imaging, Navigation, Communication, Collision Avoidance, Propulsion), And By Region, Opportunities And Strategies – Global Forecast To 2031 is one of a series of new reports from The Business Research Company that provides a autonomous marine vehicles market overview, forecast autonomous marine vehicles market size and growth for the whole market, autonomous marine vehicles market segments, geographies, autonomous marine vehicles market trends, autonomous marine vehicles market drivers, restraints, leading competitors’ revenues, profiles, and market shares.